‘Mortgage Discharge’ Category

Debt Forgiveness & Income Exclusions

Easy Plugin for AdSense by Unreal The general rule when it comes to debt forgiveness is that it is taxable. But there are some exceptions. The most common situations when debt forgiveness income is not taxable involve bankruptcy, the Mortgage Forgiveness Debt Relief Act, insolvency, and certain farm and business indebtedness. Discharges in bankruptcy can […]

Disclaimer: To ensure compliance with the requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. The information contained within this website is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional accountant. Presentation of the information via the Internet is not intended to create, and receipt does not constitute, an accountant-client relationship. Internet subscribers, users and online readers are advised not to act upon this information without seeking the service of a professional accountant.